Financial Services Compensation Scheme (FSCS)

The Financial Services Compensation Scheme (FSCS) is known as a ‘fund of final resort’. Created by the Financial Services and Markets Act 2000, it is available for consumers of authorised financial service providers. The scheme will deal with customers’ claims against funds or assets should the company fail e.g. default or stop trading and will award compensation where necessary.

The FSCS is free to use for any customer that needs assistance. Consumer’s money will be protected if it is in a UK bank, building society or credit union up to £85,000. For deposits and savings that are in a joint account, the consumer will be protected up to £170,000.

The FSCS will protect:

Deposits
Insurance policies
Investment business
Home finance (for those on or after 31st October 2004)
Insurance brokering (for policies on or after 14th January 2005)
Travel insurance when the policy is taken out alongside a holiday or travel booking (for policies on or after 1st January 2009)

The main objectives of the FSCS are:

Aiming to provide a quality compensation scheme that is fair and efficient
To provide a cost effective and fully accountable compensation service
Working to recover monies from defaulted firms quickly
Providing a good working partnership with other regulatory bodies to benefit the UK’s regulatory framework
Provide regular and easily accessible information to all consumers

Get FREE PPI Check** Before the PPI Deadline – 29th Aug 2019

1. We call you to start your PPI Check & Complete Forms

For us to proceed with your FREE PPI Check**, we will need to speak with you to confirm some details, including your FULL NAME, DATE OF BIRTH, and ADDRESS DETAILS (CURRENT AND PREVIOUS). We will also discuss which lenders we can investigate for you.

Once we have set up your PPI Check, we will post forms out for you to read, sign and return to us. You can call us on 01925 552 923 if you notice any details need changing.

2. You Sign, Date Documents & FREEPOST Back to Us

Sign and date the forms and return to us in the free post envelope provided – no stamp required!

3. Your PPI Check(s) are Registered with Lender(s)

We register your PPI check with your lender.

On average, a response will be issued within 6 weeks from your PPI information check being sent to your lender, although timeframes vary dependent upon the lender.

4. The Lender(s) Locate & Verify Account Information

If your lender cannot locate you or requires verification in order to release details, we will be in contact to obtain some further details of you in order for us to return them to complete the check.

5. Account(s) & PPI Status Confirmed by Lender(s)

Once you have been located/verified, your lender will return to us with confirmation of all accounts you have held with them for as far back as their records go. They will also confirm the PPI status of each account.

6. PPI Check Outcome(s) & Options Are Discussed With You

If you have not paid PPI, we will contact you to advise you of the same.

If your lender is unable to confirm whether PPI is on a particular account – we will contact you to advise you of your options moving forward on the possibility of presenting your claim for your refund.

If PPI is located on your account – we will again contact you to advise you of your options moving forward on presenting your claim for a refund.

A Special Note For Multiple PPI Checks

If you have multiple checks with us for multiple lenders, the time-frames of responses from lenders may vary, however, we will always ensure that we advise you of which lender correspondence refers to and be available for support and guidance throughout this process on 01925 552 923, should you so require.